The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has barred BVN Violators from from opening a new bank accounts going by its fresh rule.
The new policy is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry released by the apex bank in its Update Report circular.
According to the apex bank, the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer (KYC) processes.
it therefore described the policy as part of its overall strategy for promoting a safe and efficient banking and payment system.
In the circular, the Director, Payments System Management Department, Musa Jimoh, explained that the watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches.
He explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any participant (banks).